Nio Inc (NIO)

[Trademanager]

Everyone please note >fake news is being spread. The co-founder (Executive CEO) of NIO has NOT left the company. He retired (he's well over 60) from the post of Executive VP BUT will continue to serve as chairman of Weilai Drive Technology as well as personal consultant to Li Bin. Selling the racing team and reducing staff is a positive cost cutting exercise.

>Fake News: Co-founder quits< https://seekingalpha.com/news/3492021-nio-plus-2_8-percent-co-founder-quits?app=1&dr=1#email_link

Link to real news:
http://k.sina.com.cn/article_5044281310_12ca99fde02000wv20.html?cre=tianyi&mod=pcpager_auto&loc=12&r=9&rfunc=55&tj=none&tr=9

Translation from chinese:>
Zheng Laicong, co-founder of Weilai Auto, retired, and built a core team with Li Bin.

On August 14, the journalist learned from Weilai Automobile that Zheng Xiancong, co-founder and executive vice president of the company, announced his retirement.

Li Bin, founder and chairman of Weilai Automobile, said in an email that the company will continue to serve as his personal consultant after retirement, support the company in supply chain and partnership, and will continue to serve as chairman of Weilai Drive Technology. The first position, from a strategic perspective, continues to guide Wei to drive the development of technology.

At the same time, Li Bin announced that Zhong Wanli, vice president of supply chain, will report directly to himself. Zeng Shuxiang has been appointed as CEO of Weilai Drive Technology since then, and is fully responsible for Weilai's work in driving technology. Zeng Shuxiang previously served as the vice president of Weilai North America responsible for the supply chain.

For retirement, Zheng Xiancong said in his circle of friends that he will "give himself a long vacation", "have a reunion, a parting, a sentimental, peer-to-peer partner, please persist in the love of blooming, the hope of the heart."

According to public information, Zheng Xiancong is the co-founder and executive vice president of Weilai. He previously served as vice president of Fiat China Global Purchasing Center and general manager of GAC Fiat. He worked for Ford earlier, and has nearly 40 years of experience in the automotive industry.

In May 2016, at the 21st International Symposium, Zheng Xiancong talked about his experience of joining Weilai: In November 2014, he and Li Bin met in a digital forum. In December of that year, Li Bin officially invited Zheng Xiancong to join the newly established Weilai Automobile. At this time, Zheng Xiancong’s first reaction was that “even if you change jobs, you will choose to go to another car company. Why do you want to engage in electric vehicles? There seems to be no future for electric vehicles.” .

However, Wei Lai’s slogan “Building a Pleasant Lifestyle” deeply touched him. In the second half of 2015, he officially joined Weilai Automobile and said: “I don’t want to be the chairman and CEO. I am supporting the new company. As a consultant, help you young people to realize your dreams, and also realize the dream that I have not realized in my own past."

Subsequently, Zheng Xiancong and Li Bin set up the company's core team, and he also contributed to the company in the supply chain, industrialization and Weilai drive technology.

Zheng Xiancong continues to serve as the chairman of Weilai Drive Technology (XRT), which is the parts brand of Weilai Automobile. Currently, it provides core components for the three-electric system for production cars ES8 and ES6. According to public information, Weilai Drive Technology is a technology company that provides intelligent power solutions. Create an electric, intelligent and lightweight electric power platform; provide more environmentally friendly, more efficient and safer solutions; create new energy power and drive technology travel.

Zheng Xiancong previously said: "Three power systems are the technical core of every electric vehicle brand. Although Weilai has handed over the whole vehicle manufacturing to the foundry, the core three-electric system is controlled by itself from research and development to parts supply. This also led to more initiative."

On August 12, Weilai Automobile announced the delivery data for July 2019. In the month, Weilai completed the delivery of 837 new vehicles, including 672 ES6 and 164 ES8. As of July 31 this year, Weilai has delivered a total of 19,727 vehicles for the ES8 and ES6, of which 8,379 were delivered in 2019. Li Bin, the founder, said that the important reason for the small number of deliveries in July was that the main focus of the month was on the previous recall work. “In this month, we put battery manufacturing capabilities first, this is for us. The production and delivery results have had a major impact."

At present, Weilai Automobile is still in the stage of “burning money”. In 2016, 2017 and 2018, the net losses amounted to 2.573 billion yuan, 5.021 billion yuan and 9.639 billion yuan respectively. The accumulated losses in three years have reached 17.233 billion yuan.
Key words : Industry News Internet car 35-50 million suv Weilai car Weilai ES6